Jamb Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 16:

• JAMB 2003

In a control account, provision for bad debts is found on the?

A. Debit side of the purchases ledger control account
B. Debit side of the sales ledger control account
C. Credit side of the purchases ledger control account
D. Credit side of the sales ledger control account

Question 17:

• JAMB 2003

Advertising expenses incurred on a product in a business organization should be charged to?

A. Production department
B. Sales department
C. Administration department
D. Purchases department

Question 18:

• JAMB 2003

The stock valuation data is important because it enables management to?

A. Separate debtors from creditors
B. Determine the cost of stock at the end of business
C. Determine the cost of stock at the beginning of business
D. Determine the total cost of goods purchased

Question 19:

• JAMB 2003

four broad classifications of overheads are?

A. Production, selling, distribution and material
B. Production, selling, distribution and administration
C. Selling, distribution and production and wages
D. Distribution, selling, administration and material

Question 20:

• JAMB 2003

Given:
Cost of raw materials issued to production.....N37000
Opening stock of raw material..................N2000
Purchases of raw material......................N3800
Wages .........................................N500
What is the closing stock of raw material?

A. N4000
B. N3000
C. N2000
D. N1000